When it comes to your personal finances, it’s important to be prepared for the unexpected. Whether it’s an overall downturn as Canada faces an uncertain economic forecast or a difficult personal situation such as job loss, illness, injury or a major home or automobile expense, experts agree that resilience is the key.
There are many ways to increase your financial resilience and break the debt cycle. Here are five tips to boost yours:
Track spending and identify areas to cut costs on an ongoing basis
Get ahead of debt and scrap together those savings to create an emergency fund so you’re better prepared for unexpected events.
Ensure you have access to credit, especially for emergency situations. Establish and repair your credit with a card such as Capital One’s Guaranteed Mastercard.
Make credit card payments on time to build habits that can help improve your credit score
Ask for help when you need it. Surround yourself with a network of people you can depend on during times of hardship to provide emotional support, advice and alternative paths during difficult times.
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